Budget Amendment ID: FY2019-S4-305-R1
Redraft EDU 305
Student Loan Deduction Study
Messrs. Tarr, Ross, Humason, Timilty and O'Connor, Ms. L'Italien and Mr. Fattman moved that the proposed new text be amended by inserting after section ___the following section:-
“SECTION XX. Notwithstanding any general or special law to the contrary, there shall be a special commission to study the feasibility and economic impact of changing the state tax code to allow for individuals or employers who pay on behalf of an employee who is a resident of the commonwealth, to deduct the total amount of student loans paid in a tax year, including principal and interest, as opposed to only allowing the deduction of interest up to $2,500. The commission shall consist of the chairs of the joint committee on revenue; the speaker of the house of representatives or his designee; the president of the senate or his designee; the minority leader of the house of representatives or his designee; and the minority leader of the senate or his designee. The commission shall submit a final report to the clerks of the house and senate and to the chairs of the joint committee on revenue no later than 1 year after the effective date of this act.”.